§ 16-6a-610. Purchase of memberships.

Latest version.

(1)

Unless otherwise provided by the bylaws, a nonprofit corporation may not purchase the membership of a member:

(a)	who resigns; or

(b)	whose membership is terminated.

(2)

(a)

If so authorized, a nonprofit corporation may purchase the membership of a member who resigns or whose membership is terminated for the amount and pursuant to the conditions set forth in or authorized by:

(i)	its bylaws; or

(ii)	agreement with the affected member.

(b)

A payment permitted under Subsection (2)(a) may not violate:

(i)	Section 16-6a-1301; or

(ii)	any other provision of this chapter.

Enacted by Chapter 300, 2000 General Session

                    
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